National Feeder & Stocker Cattle summary for week ending Friday.
Receipts: Auctions Direct Video/Internet Total
This Week: 136,100 48,500 400 185,000
Last Week: 128,100 79,500 96,600 304,200
Year Ago: 148,700 94,200 6,200 249,100.
Compared to last week, steers and heifers are trading mostly steady to 4.00 higher.
This week’s prices were pretty much in most cases a repeat of last week’s market trend, with some of the most advances continue on the heavy yearlings over 800 lbs.
High volume sales at Oklahoma City and El Reno, Oklahoma, did see some uneven to lower prices but on mostly plain to average feeders.
Sale barns throughout the Northern Plains continue on their summertime schedules with larger sales every other week.
Plenty of buyers remain who want to place these long strings of yearlings coming off summer grass or out of backgrounding yards on feed continue to be met with good to very good demand. These longtime hard native yearlings are always in demand this time of year.
Huss Livestock Market in Kearny, Nebraksa, on Wednesday sold a little over 700 head of 900-925 lb steers averaging 913 lbs sold for a weighted average price of 138.05.
Sioux Falls, South Dakota, Regional Cattle Auction on Monday sold near 450 head of steers averaging 985 lbs sold for a weighted average price of 130.76 ,and on Thursday at Mitchell Livestock Auction in Mitchell, South Dakota, sold 810 steers weighing between 800-850 lbs, averaging 829 lbs sold with a weighted average price of 145.59.
Superior Video Auction held their Video Royale this week with many value-added program yearlings selling with premiums with 124 head of 825 lb value-added program yearling steers for September delivery sold at 173.00.
Winter Livestock in Dodge City, Kansas, will offer near 12,000 head for their Friday and Saturday special, sure to be well attended with buyers.
Corn crop conditions improved this week to 72% good to excellent this compared to 69% last week and 58% last year.
With improving corn conditions at this time of year yields will no doubt improve, as improved yields will keep the corn market under pressure regardless of demand.
Big crops usually get bigger and yields will be no exception. This makes it hard to convince anyone, especially farmer-feeders, that we will have any corn production problems and the size of the corn crop will overshadow demand has many producers willing to walk a lot of corn to town.
Boxed-beef cut-out prices on Friday’s opening were higher with Choice at 203.38 up 1.58 on track to be about 2.00 higher for the week and continue to find support around the 200.00 level for Choice product which is between 11.00-12.00 lower than year ago prices.
Hopefully price levels should be attractive for retail interest and consumers with some of the lowest beef prices seen for the month of July.
There’s plenty of cheap pork and chicken available and with consumers eating most of their meals at home beef will have stiff competition at the meat counter.
A weak U.S. dollar is helping the export market for beef items, with the dollar index at its lowest level in two years since May-June of 2018 trading around the 93.25 mark on Wednesday.
Weekly total shipments of beef exports were at 18.3 MT, 19% higher than the average over the last four weeks.
Net sales for the week were 29,500 MT, 81% higher than the average for the last four weeks.
Feedlot trade this week in the Southern Plains was mostly at 97.00, a 1.00 higher than last week, with Nebraska trading at 100.00 live and dressed sales at 160.00 mostly 2.00 higher and live sales in the Western Cornbelt at 100.00-102.00.
Supply included 74% over 600 lbs and 36% heifers.